Thrivent Financial for Lutherans Sells 72,650 Shares of Agree Realty Co. (NYSE:ADC)

Thrivent Financial for Lutherans lowered its stake in Agree Realty Co. (NYSE:ADC) by 5.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,379,397 shares of the real estate investment trust’s stock after selling 72,650 shares during the period. Thrivent Financial for Lutherans owned 1.37% of Agree Realty worth $85,440,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Agree Realty by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock valued at $827,124,000 after acquiring an additional 258,217 shares in the last quarter. Long Pond Capital LP raised its position in Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after purchasing an additional 2,382,252 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after purchasing an additional 650,921 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Agree Realty by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after purchasing an additional 76,818 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Agree Realty by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after buying an additional 43,768 shares during the period. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the topic of several recent research reports. KeyCorp initiated coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price on the stock. Truist Financial boosted their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company raised their target price on Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Royal Bank of Canada upped their price target on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, Stifel Nicolaus raised their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.42.

Agree Realty Price Performance

Agree Realty stock opened at $74.45 on Friday. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 43.79, a PEG ratio of 2.54 and a beta of 0.61. Agree Realty Co. has a 52-week low of $52.69 and a 52-week high of $77.30. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s 50 day moving average price is $71.85 and its two-hundred day moving average price is $63.48.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same period in the prior year, the company earned $0.98 earnings per share. The firm’s revenue was up 17.5% compared to the same quarter last year. On average, equities analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date is Monday, September 30th. Agree Realty’s payout ratio is 176.47%.

Agree Realty Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.